1031 Exchange Expert David Moore
Gotta Minute – Learn A Lot!
It’s PHANTOM gain season… but don’t be spooked! Keep your gains safe from the lurking phantoms this year – and right where you can see them!
Get the latest tricks (and maybe a treat or two) from 1031 Expert David Moore of Equity Advantage in this hauntingly helpful short.
Read the Full Transcript
David Moore: You might be subjected to something called Phantom Gain. And Phantom Gain is one of those ugly things that comes up and bites you in the tail. It’s because you think, “Well gee, I lost something to short sale or I lost something to foreclosure; how could I possibly have a tax consequence?”
Once again, I want to say that gain has nothing to do with profit. Gain is simply a tax calculation. Gain is the difference between your adjusted sales price and your basis in a property. Your basis in the property is what you paid for it, plus capital improvements, minus depreciation.
Each of those items has little asterisks next to them, because when I say, “what you paid for it,” that definition of “paid for” means different things. If I gifted you a property, your basis, or that purchase price, might be what my basis was. If you inherited a property from me, you got a stepped-up basis, which is the current market value. Again, we’re talking in September of 2022, and we still have stepped-up basis.
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David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
Whether working through a 1031 Exchange with Equity Advantage, acquiring real estate with an IRA through IRA Advantage or listing investment property through our Post 1031 property listing site, we are here to help Investors get where they want to be. Call them today! 503-635-1031.
"WASHINGTON STATE LAW, RCW 19.310.040, REQUIRES AN Exchange FACILITATOR TO EITHER MAINTAIN A FIDELITY BOND IN AN AMOUNT OF NOT LESS THAN ONE MILLION DOLLARS THAT PROTECTS CLIENTS AGAINST LOSSES CAUSED BY CRIMINAL ACTS OF THE Exchange FACILITATOR, OR HOLD ALL CLIENT FUNDS IN A QUALIFIED ESCROW ACCOUNT OR QUALIFIED TRUST." RCW 19.310.040(1)(b) (as amended)
David and Thomas Moore, the co-founders of Equity Advantage & IRA Advantage
